Nebraska § 13-1105 Leasing or financing of project;
governing body; powers and duties; hearing

Nebraska Statutes

§ 13-1105 — Leasing or financing of project; governing body; powers and duties; hearing

Nebraska § 13-1105

Ch. 13Cities, Counties, and Other Political Subdivisions

This text of Nebraska § 13-1105 (Leasing or financing of project; governing body; powers and duties; hearing) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 13-1105 (2026).

Text

(1)Prior to the leasing or financing of any project, the governing body must determine and find the following: The amount necessary to pay the principal of and the interest on the bonds proposed to be issued to finance such project; the amount necessary to be paid into any reserve funds which the governing body may deem it advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project including taxes; and, with respect to leases, unless the terms under which the project is to be leased provide that the lessee shall maintain the project and carry all proper insurance with respect thereto, the estimated cost of maintaining the project in good repair and keeping it properly insured.

(2)The determinations and findings of the governing body,

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(1) Prior to
the leasing or financing of any project, the governing body must determine
and find the following: The amount necessary to pay the principal of and the
interest on the bonds proposed to be issued to finance such project; the amount
necessary to be paid into any reserve funds which the governing body may deem
it advisable to establish in connection with the retirement of the proposed
bonds and the maintenance of the project including taxes; and, with respect
to leases, unless the terms under which the project is to be leased provide
that the lessee shall maintain the project and carry all proper insurance
with respect thereto, the estimated cost of maintaining the project in good
repair and keeping it properly insured.
(2) The determinations and findings of the governing body, required
to be made by subsection (1) of this section, shall be set forth in the proceedings
under which the proposed bonds are to be issued. Prior to the issuance of
the bonds authorized by sections 13-1101 to 13-1110 , the municipality or county
shall (a) lease the project to a lessee or lessees under an agreement conditioned
upon completion of the project and providing for payment to the municipality
or county of such rentals as, upon the basis of such determinations and findings,
will be sufficient (i) to pay the principal of and interest on the bonds issued
to finance the project, (ii) to pay the taxes on the project, (iii) to build
up and maintain any reserves deemed by the governing body to be advisable
in connection therewith, and (iv) unless the agreement of lease obligates
the lessees to pay for the maintenance and insurance of the project, to pay
the costs of maintaining the project in good repair and keeping it properly
insured or (b) enter into a financing agreement pursuant to subdivision (1)(c) or (d) of section 13-1102 . Subject to
the limitations of sections 13-1101 to 13-1110 , the lease or financing agreement or extensions or modifications
thereof may contain such other terms and conditions as may be mutually acceptable
to the parties. Notwithstanding any
other provisions of law relating to the sale of property owned by municipalities
and counties, any such
lease may contain an option for the lessees to purchase the project on such
terms and conditions as may be mutually acceptable to the parties.
(3) At a public hearing or at the adjournment of such hearing, the governing
body of the city in which the proposed project is located shall determine
whether the location of the proposed project is within a blighted area and
whether the proposed project is within the development plan or plans for the
area. Notice of the time and place of the hearing shall be published at least
two times not less than seven days prior to the hearing in a legal newspaper
having a general circulation within the boundaries of the city. Upon a favorable
resolution by the governing body of the city where the proposed project is
located, the governing body of the city or county may proceed to issue bonds.
(4) The requirements
for notice and public hearing as set forth in subsection (3) of this section
shall not apply to projects for manufacturing or industrial enterprises or
for nonprofit enterprises as described in subdivision (3)(a) or (b) of section 13-1101 or refunding bonds authorized under section 13-1106 .